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Weatherford plans to cut another 3K jobs by year-end
Weatherford International (NYSE:WFT) is little changed after issuing mixed Q3 results, as revenue tumbled 42% Y/Y to $2.2B from $3.9B but operating income rose 3% Q/Q, driven mostly by a 2% revenue gain in North America following a modest recovery from the spring breakup in Canada and continued cost reduction measures.WFT says it expects positive free cash flow in Q4 and for the full year, driven by further reductions in working capital balances; it lowers its full-year capex forecast by another $100M to $650M, down 55% from 2014 levels.WFT also says it will lay off another 3K workers by the end of the year after cutting 11K jobs in Q3; it has closed five manufacturing and service facilities, and will close another by year-end with a seventh set for closure next year, and has shut 70 operating facilities through Q3 with plans to close 20 more by year-end.
| 6:58 PM
Weatherford International (NYSE:WFT) is little changed after issuing mixed Q3 results, as revenue tumbled 42% Y/Y to $2.2B from $3.9B but operating income rose 3% Q/Q, driven mostly by a 2% revenue gain in North America following a modest recovery from the spring breakup in Canada and continued cost reduction measures.WFT says it expects positive free cash flow in Q4 and for the full year, driven by further reductions in working capital balances; it lowers its full-year capex forecast by another $100M to $650M, down 55% from 2014 levels.WFT also says it will lay off another 3K workers by the end of the year after cutting 11K jobs in Q3; it has closed five manufacturing and service facilities, and will close another by year-end with a seventh set for closure next year, and has shut 70 operating facilities through Q3 with plans to close 20 more by year-end.
| 6:58 PM